Multiple Choice
Which statement is NOT true regarding the sales method of accounting for byproducts.
A) the method makes no journal entries until the byproduct is sold
B) this method is the preferred method because of the matching principle
C) revenues of the byproduct can be recorded in the income statement as revenue
D) revenues of the byproduct can be recorded as a reduction of cost of goods sold in the income statement
Correct Answer:
Verified
Correct Answer:
Verified
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